New York, USA, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Stretch Packaging Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Stretch Packaging Market Information By Material, by Application and By Region - Forecast till 2030”, the market is estimated to grow at a 5.71% CAGR by 2030.
Market Scope:
Stretch packaging is a highly flexible plastic material that is used to protect products during shipping and delivery. Stretch packaging, also known as stretch films, entails the use of long-lasting containers, shipping racks, dunnage, pallets, and stretch films to shield a product from the elements.
Proper packaging of products is becoming increasingly vital in establishing a strong brand identity in today's competitive marketplace as a result of the expansion of shipping and logistics. As the need for high-performance flexible packaging grows in sectors including the food and beverage, pharmaceutical, and construction industries, the stretch film market is expanding.
This packaging was made with longevity, convenience, and sanitation in mind. Packaging like this ensures that goods make it through the supply chain system without damage and at the lowest possible cost to the customer.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | Significant Value |
| CAGR | 5.71% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, by Application and By Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased consumption of food & beverages across the globe |
| LLDPE is expected to be the fastest growing material segment. |
Competitive Dynamics:
- Bemis Company, Inc. (U.S.)
- Berry Global, Inc. (U.S.)
- Amcor Ltd (Australia)
- Sigma Plastics Group, Inc. (U.S.)
- AEP Industries Inc. (U.S)
- DUO PLAST AG (Germany)
- Unnati Industrial Corporation (Inda)
- U.S. Packaging & Wrapping LLC (U.S.)
- Grafix Arts (U.S.)
Market USP:
Market Drivers
Over the forecast period, the market is likely to rise on the back of a number of factors, the most prominent of which is the expansion of the food and beverage industry and the subsequent shift in consumer preference toward packaging solutions that are both lightweight and secure.
Some of the primary factors that are expected to propel the need for stretch packaging material and drive the growth of the target market are the expanding population base, rising disposable income, rising preference for packaged food, and the rising trend of urbanization.
Due to its adaptability and convenience, shrink wrap packaging has quickly become a consumer favorite. Manufacturers throughout the world have been spending more on research and development lately, presumably to better streamline their supply chain's material handling procedures.
Some variables, such as the availability of many options to pick from, the recyclability of these packages, etc., are expected to fuel the market growth of the target product throughout the projection period because they have decreased the operating expenses of the product.
Market Restraints
Despite these possibilities, the expansion of the stretch films market is being hampered by concerns over recyclability and biodegradability.
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COVID-19 Analysis:
The worldwide ecosystem has taken a major hit due to the COVID epidemic, which has had a negative impact on both daily and commercial activities around the world. Food and drink producers saw enormous growth in demand during the pandemic. Most of the packaging industry's $900 billion annual global revenue comes from food packaging. In light of these considerations, it is essential to use a packing method that is both adaptable and sanitary. Consumers' concerns about food safety and product quality are driving the need for hygienic packaging, along with concerns about COVID. Due to the high cost of cold chain transportation, such packaging solutions are in significant demand in countries like India and China, where there is an increasing need to convey food to rural areas.
Market Segmentation:
Based on Material
Low Density Polyethylene is widely accepted as the industry standard. The vast majority of retailers and manufacturers utilize LDPE for stretch film. It is predicted that LLDPE will have the highest rate of growth among all materials. As its application in packaging continues to grow, this market segment is expected to generate the greatest revenue over the forecast period.
Based on Application
The food and beverage sector is the most lucrative application area for the market. The demand for beverages is being pushed forward by the rising global consumption of both food and drink. The need for pre-packaged and convenient food has increased since the COVID pandemic, driving up demand for thin wall packaging around the world.
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Regional Analysis:
Due to rising consumption and demand for stretch films for ready-to-eat food and developments in materials, the North American stretch packaging industry accounts for the largest proportion of the global market. The expansion of the market in nations in the area is anticipated to be fueled in part by rising concerns and awareness for sustainable packaging solutions.
The biggest market share was held by Asia Pacific, which is also expected to increase at a significant CAGR over the projection period. In recent years, the pharmaceutical business in the area has experienced significant growth. It has become more important as a result of the modern lifestyle, which has led to a rise in the prevalence of many different ailments, including cancer and heart disease. Because of this, people in the Asia–Pacific region are now spending more money on healthcare than ever before. The revenue of the stretch packaging market in the Asia Pacific region is anticipated to increase as a result of the fast developing industrialization in emerging countries.
Growth in Europe's industry is forecast to be particularly lucrative in the next years, with North America's market coming in second. Because of their superior hygiene and contamination control properties, stretch and shrink films are in high demand in the well-established pharmaceutical business. Market expansion in the region is attributed to this factor over the forecast horizon.
In addition, the urbanization of the Middle East and Africa, as well as the increase in disposable money in those regions, are expected to boost demand for stretch packaging.
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